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EU/US: Lodge and hostel operator Generator has accomplished a €750 million refinancing of debt with new and present traders throughout Europe and the US.
Owned by Queensgate Investments, Generator’s portfolio includes 21 resorts and hostels providing greater than 12,000 beds throughout its two manufacturers: Generator and Freehand.
The newest refinancing featured a mixture of European and US debt services. For Generator’s European arm, Ares Administration backed €440 million (in Euros, Kilos and Danish Krone) whereas present US lenders Waterfall Asset Administration and Värde Associate backed US $330 million.
Final month in October, Generator reported document revenues of €225 million – up from €180 million pre-pandemic. Jason Kow, chief govt of Queensgate, mentioned Generator’s efficiency for the reason that pandemic had enabled it to refinance in a difficult market.
Kow mentioned: “We’re holding the property as a result of they’re persevering with to ship considerably for us, each by way of earnings and capital values.
“This is among the largest and most progressive actual property financings that the market has seen in years, involving a number of outgoing lenders throughout 10 international locations. We’re vastly grateful for our new partnership with Ares in Europe and our strengthened present partnership with Värde and Waterfall within the US,” he added.
Queensgate purchased the Generator portfolio, then consisting of 12 properties, in 2017 from Patron Capital for €450 million.
Generator at present has presence in 12 European cities and 5 cities within the US. In keeping with its web site, Generator will quickly launch within the Center East and Asia-Pacific areas.
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